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    Global Daily Tax News, Tax Reliefs Announced In Guyana's Latest Budget, (Jan 24, 2024)

    Guyana has announced a number of tax relief measures in its newly released 2024 Budget.

    The Budget includes an increase to the income tax-exempt threshold from GYD85,000 (USD407) per month to GYD100,000.

    Further, the deduction for insurance premium p ...

    Guyana has announced a number of tax relief measures in its newly released 2024 Budget.

    The Budget includes an increase to the income tax-exempt threshold from GYD85,000 (USD407) per month to GYD100,000.

    Further, the deduction for insurance premium payments has been increased to GYD50,000, up from GYD30,000, or 10 percent of income, whichever is lower. The Government has also committed to retain the excise duty exemption for petroleum products.

    The Government has confirmed plans to build on the launch of an e-filing portal in 2023 with new initiatives to streamline processes, increase digital filing and payment options for taxpayers, and introduce new data analytics tools in 2024.

    In the area of value-added tax, the Budget announces an exemption for sports equipment and cellphone accessories.

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